Tag Retirement Planning
Kaiser Pension: Chosing a Lump Sum or Monthly Annuity?
If you’re nearing retirement as a Kaiser Permanente employee, you may be faced with a crucial financial decision. Should you take your pension as monthly payments for life, or opt for a lump sum payout? This choice can have lasting…
How much do I need to save for retirement?
“How much to save for retirement?” Planning for retirement can be overwhelming. Many times, you may find yourself with more questions than answers. The magic number is a complex formula that depends on a combination of factors such as personal…
10 Most Frequently Asked Questions About Retirement
Frequently Asked Questions About Retirement? Planning for retirement is one of the most important financial goals, yet many people have questions about how to prepare effectively. At Babylon Wealth Management, we help individuals navigate the complexities of retirement planning. Below…
Your Roth Contribution Limits for 2025. Boost your tax free savings.
The Roth contribution limits for 2025 are $7,000 per person, with an additional $1,000 catch-up contribution for people who are 50 or older. There is no change from 2024. Roth IRA income limits for 2025 Roth IRA contribution limits for…
Your 401k contribution limits for 2025. Empower your wealth.
401k contribution limits for 2025 are $23,500 per person, up from 23,000 in 2024. All 401k participants over 50 can make a catch-up contribution of $7,500, for a total of $31,000. Starting in 2025, 401k participants who are reaching the…
Make These Smart Moves In Your 401k In 2024
Smart 401k moves to make in 2024 to grow your retirement savings. Do you have a 401k? These six 401k moves will help you grow your retirement savings and ensure that you take full advantage of your 401k benefits. A…
Optimizing Retirement Wealth: A Complete Guide to Tax-Efficient Planning
Retirement is a milestone many of us look forward to—a time to enjoy the fruits of our labor. However, without careful tax planning, you could find yourself giving more of your hard-earned savings to the government than necessary. Maximizing tax…
8 reasons to open a solo 401k plan
Updated for 2024 What is a solo 401k plan? The solo 401k plan is a powerful tool for entrepreneurs to save money for retirement and reduce their current tax bill. These plans are often ignored and overshadowed by the more…
Redefining Retirement Goals: From Rocking Chairs to Road Adventures
Redefining Retirement: The traditional notion of retirement, marked by leisurely days spent in quiet relaxation, is undergoing a profound transformation. The vision of retirement is changing dramatically. For decades, retirement conjured images of rocking chairs and golf courses. But the…
10 Essential Money Saving Tips for 2024
10 Essential Money Saving Tips for 2024. It’s 2024. You turned a new chapter of your life. Here is an opportunity to make smart financial decisions and change your future. I have my list of ideas to help you care…
401k contribution limits 2024
401k contribution limits for 2024 are $23,000 per person, up from 22,500 in 2023. All 401k participants over the age of 50 can make a catch-up contribution of $7,500, for a total of $30,500 What is 401k? 401k is a…
Roth IRA Contribution Limits 2024
The Roth IRA contribution limits for 2024 are $7,000 per person, with an additional $1,000 catch-up contribution for people who are 50 or older. There is a $500 increase from 2023. Roth IRA income limits for 2024 Roth IRA contribution…
Smart Strategies for Reducing Taxes on Required Minimum Distributions
What is RMD? Required Minimum Distributions (RMDs) are mandatory withdrawals that individuals with tax-advantaged retirement accounts like Traditional IRAs, SEP IRAs, and 401k must take after reaching a certain age. These accounts come with certain tax advantages. Typical contributions are…
Last minute 401k moves to make in 2023
Last minute 401k moves to make in 2023 to boost your retirement savings. Do you have a 401k? These six 401k moves will help you grow your retirement savings and ensure that you take full advantage of your 401k benefits.…
401k contribution limits 2023
401k contribution limits for 2023 are $22,500 per person, up from 20,500 in 2022. All 401k participants over the age of 50 can make a catch-up contribution of $7,500, for a total of $30,000 What is 401k? 401k is a…
10 Essential Money Saving Tips for 2023
10 Essential Money Saving Tips for 2023. It’s 2023. You turned a new chapter of your life. After experiencing once-in-a-lifetime events in 2022, here is an opportunity to make smart financial decisions and change your future. I have my list…
Roth IRA and why you probably need one – Updated for 2022
Roth IRA is a tax-exempt investment account that allows you to make after-tax contributions to save for retirement. The Roth IRA has a tax-free status. It is a great way to save for retirement and meet your financial goals without…
Charitable donations: 6 Tax Strategies – Updated for 2022
Charitable donations are an excellent way to help your favorite cause, church, foundation, school, or other registered charitable institution of your choice. Americans made $484.85 billion in charitable donations in 2021, which was 4% higher than 2020. The average annual…
Wise 401k moves to make in 2022
Six wise 401k moves to make in 2022 to boost your retirement saving. Do you have a 401k? These five 401k moves will help you grow your retirement savings and ensure that you take full advantage of your 401k benefits.…
Maximizing Roth savings for high-income earners
Maximizing your Roth savings is a terrific way to save for retirement for both high-income earners and professionals at all levels. Roth IRA is a tax-free retirement savings account that allows you to make after-tax contributions to save towards retirement.…
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